HIGHLIGHTS THE CHILTERNS, BERKSHIRE & ESSEX KF Highlights_Layout 1 16/12/2015 16:44 Page 7
THE BUYING SOLUTION
In the last 5 years over 50% of properties purchased by Nick were off-market.
A lifetime of cycling and running through the Chilterns and rowing along the Thames has produced an encyclopaedic knowledge of the area’s hidden gems, whether it’s a Georgian mansion, a building plot with wonderful views or an idyllic riverside cottage, Nick’s passion for the Home Counties abounds.
The Buying Solution team provides property search and acquisition in London and throughout the UK.
Nick Mead, Home Counties specialist +44 (0)1488 498966 TheBuyingSolution.co.uk @NickMeadTBS KF Highlights_Layout 1 16/12/2015 16:44 Page 7
THE BUYING SOLUTION
Welcome to Knight Frank’s the Chilterns, Berkshire and Essex Highlights. In this year’s edition, we look at the prevailing conditions and trends that have shaped the property market in the region and also feature a selection of properties marketed by our teams during 2015. Welcome
Of course the big UK story of the year was the surprise election result in May. In property terms the uncertainty surrounding the outcome – and the possible In the last 5 years over 50% introduction of the so-called Mansion Tax – had the effect of putting the brakes of properties purchased by on a market already slowed by the increase in stamp duty introduced at the end of 2014. However, by the late summer of 2015 the market was showing signs Nick were off-market. of absorbing these factors and getting back to business as usual.
If there has been any lasting impact it is that sensible pricing levels have been the key to achieving successful sales. The prime market in 2015 saw those A lifetime of cycling and running through properties listed at an attractive level generating a lot of interest – and often the Chilterns and rowing along the achieving significantly more than the guide price following a bidding situation. Thames has produced an encyclopaedic The regional hotspots have remained those areas within a reasonable knowledge of the area’s hidden gems, commute of the capital, as Londoners cash in and move out in search whether it’s a Georgian mansion, a of more space. The Chilterns, Berkshire and Essex provide just that, its building plot with wonderful views or an popularity stemming from the excellent value on offer compared to the City. idyllic riverside cottage, Nick’s passion for the Home Counties abounds. Overall, there is a sense of a market returning to peak form and factors such as attractive mortgage rates are likely to provide added momentum in the months ahead.
The Buying Solution team provides property search and acquisition in Bruce Tolmie-Thomson London and throughout the UK. Partner, Country House Department
Nick Mead, Home Counties specialist +44 (0)1488 498966 TheBuyingSolution.co.uk @NickMeadTBS The Chilterns, Berkshire & Essex Highlights 3 Town living
For many families, the pretty market towns of London’s commuter belt offer the best of both worlds. Plenty of space and greenery, but with wonderful amenities on the doorstep. Add in fast commutes, excellent independent schools and charming architecture, and it’s easy to see why 2015 was yet another year of strong activity in this region.
Oxford is always popular thanks to appeal. In 2015 we saw a rise in the great choice of schools nearby, the number of families moving to likewise Henley and Beaconsfield. the area from Asia in particular to Other popular market towns be in place ready for the start of the include Bishop’s Stortford and school year. Berkhamsted. These are all thriving The housing stock is varied, ranging communities with a good array of from cottages to townhouses and cafés, restaurants and shopping, detached villas, along with a plus excellent links to the City. constant supply of new developments. With the price “ The housing stock is varied, ranging differential against London property from cottages to townhouses and as wide as it has ever been, 2015 detached villas, along with a constant saw an increase in the amount of buyers choosing to swap the city supply of new developments” for the town. With 20% year-on-year rises in the capital a thing of the They are towns with everything past, it seems that many saw 2015 you might find in one of London’s as the year to make the big move ‘villages’ – such as Wimbledon or and cash out of the London market. Barnes – but without the crush and The following pages feature a rush of living in the City. selection of the town properties The quality of education choices has our teams successfully marketed also created a strong international during 2015.
4 Town Living “ A stunning new-build home sold to a London buyer moving out to Beaconsfield, having previously lived here whilst growing up and returning to their roots”
1. White Croft, Beaconsfield, 6 bedrooms. Guide price: £3,250,000
The Chilterns, Berkshire & Essex Highlights 5 2. Temple House, Marlow, 6 bedrooms. 5. Wanborough Road, Oxford, 8. Park View Road, Berkhamsted, Guide price: £6,950,000 7 bedrooms. Guide price: £2,750,000 5 bedrooms. Guide price: £1,500,000
3. Caledon Road, Beaconsfield, 6. Bellridge Place, Knotty Green, Beaconsfield, 9. House on the Hill, Marlow, 6 bedrooms. 5 bedrooms. Guide price: £2,250,000 6 bedrooms. Guide price: £2,350,000 Guide price: £2,450,000
4. Park Town, Oxford, 5 bedrooms. 7. Linkside Avenue, Oxford, 5 bedrooms. 10. Dallington, Hoddesdon, 6 bedrooms. Guide price: £2,500,000 Guide price: £3,250,000 Guide price: £1,425,000
“ Sold to a buyer via the Knight Frank database. The Country department and the Henley-on-Thames branch worked together to secure the sale”
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“ Sold to a local family, having sold their previous country home through Knight Frank Beaconsfield” 5 6
6 Town Living 7
“ With cutting-edge design based on Passivehaus technologies, this property warranted expansive London marketing, ultimately securing a sale to a buyer from the Capital”
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The Chilterns, Berkshire & Essex Highlights 7 “ Sold to an applicant brought to Knight Frank through our brand awareness”
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“ Situated on one of the best roads in South Buckinghamshire, this contemporary family home was sold to a local family looking to upsize” 13
8 Town Living 11. The Cloisters, Maidenhead, 14. The White House, Buntingford, 17. Amber House, Beaconsfield, 7 bedrooms. Guide price: £4,250,000 5 bedrooms. Guide price: £1,300,000 7 bedrooms. Guide price: £3,995,000
12. Canterbury Road, Oxford, 8 bedrooms. 15. The Old House, Henley-on-Thames, Guide price: £3,950,000 4 bedrooms. Guide price: £2,850,000
13. Little Spinney, Gerrards Cross, 16. Radcliffe House, Boars Hill, Oxford, 7 bedrooms. Guide price: £2,950,000 5 bedrooms. Guide price: £4,500,000
“ The buyer for The White House was found on the Knight Frank database”
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“ An amazing new-build house sold to a local family, for whom we subsequently sold their house in Beaconsfield”
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The Chilterns, Berkshire & Essex Highlights 9 country living
A grand country home that feels a million miles from the City but has fast links to town and great schools on the doorstep – this is the unique selling proposition that brings buyers year after year to the band of rolling countryside which rings the capital.
The Chilterns, Berkshire and Essex more attractive one. With growing are all prime hunting grounds, with a numbers now only working 3 or 4 ready supply of fine country homes days in the office, the commute coming to market. With gardens and becomes less of a barrier. If it’s an settings being a key selling feature issue at all – pick the right home with this kind of property, spring and close to a station and you could be summer are traditionally the busiest in town within half an hour, potentially times and 2015 was no exception. faster than the commute from South West London.
“ Looking ahead, the market in country Looking ahead, the market in country homes seems set for steady growth” homes seems set for steady growth. The road-blocks that have slowed Once again, the core buyer market activity previously – election uncertainty was made up of families from London and stamp duty rises, chiefly – are looking for more space and the peace no longer an issue or have now been and quiet of country living. The relative reflected in pricing. The latter part strengths of the two markets means of 2015 saw activity building, with that those leaving the capital can sensibly priced properties finding swap, say, a £3m Victorian house in buyers quickly and a sense of Wandsworth for a manor house in the momentum boding well for 2016. commuter belt with 5 to 10 acres, a The following pages feature a swimming pool and a tennis court. selection of the country homes Changing working patterns have our teams successfully marketed also made the move out of town a during 2015.
10 country Living “ Sold to a high profile client via a buying agent who saw the property advertised in the Financial Times. A viewing was arranged and a sale secured, despite the client not originally considering this as a location”
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“ Buyers were under-bidders on a neighbouring house. Knight Frank introduced them to Fairbourne and arranged a successful one-off viewing.”
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The Chilterns, Berkshire & Essex Highlights 11 1. John O’Gaddesden House, Little Gaddesden, 4. Morley Hall, Ware, 7 bedrooms. 7. Whaddon House, Whaddon, 6 bedrooms. Guide price: £2,250,000 Guide price: £6,950,000 7 bedrooms. Guide price: £2,000,000
2. Fairbourne Ware, Little Hadham, 5. Egypt Wood, Farnham Common, 7 to 8 8. High Hedges, Flaunden, 4 bedrooms. 5 bedrooms. Guide price: £1,595,000 bedrooms. Guide price: £3,475,000 Guide price: £1,995,000
3. Wenden Hall, Wendens Ambo, 6. Great Nast Hyde House, Hatfield, 9. Princes Riding, Ringshall, 5 bedrooms. 8 bedrooms. Guide price: £2,250,000 7 bedrooms. Guide price: £5,750,000 Guide price: £1,850,000
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“ With Milton Keynes one of the fastest growing cities within the UK , the sale of Whaddon House produced great interest from the market” 7
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“ A superb country house sold by Knight Frank for the second time in five years under competitive bidding” 10 11
12 country Living 10. Chrishall Grange, near Royston, 13. Sweetbriar, Seer Green, 6 bedrooms. 8 bedrooms. Guide price: £3,750,000 Guide price: £2,250,000
11. Mauldens End, Flaunden, 6 bedrooms. 14. Lime Tree Farm, Chartridge, 6 bedrooms. Guide price: £2,750,000 Guide price: £1,750,000
12. Goosey House Farm, Goosey, 6 bedrooms. Guide price: £2,950,000
“ Knight Frank arranged 17 viewings, found two buyers and agreed a sale, with contracts exchanged in 14 working days”
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“ The clients needed to sell within two months in order to take a sabbatical and achieve their dream to take their children on a round the world trip. This was achieved, as well as securing a sale in excess of the guide price”
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The Chilterns, Berkshire & Essex Highlights 13 “ Substantial houses with land and views are keenly sought after so close to the city of Oxford. Winterlake was no exception with a sale agreed within 11 days of going to the market and contracts exchanging within 10 working days of agreeing the sale”
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“ This stunning Grade II listed 11 manor house was sold by the Beaconsfield office working jointly with our Country Department in London to a local couple”
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14 country Living 15. Winterlake, Kirtlington, 7 bedrooms. 18. Little Gable Cottage, Peppard Common, 21. Ridge Farm, Watlington, 4 bedrooms. Guide price: £2,500,000 5 bedrooms. Guide price: £1,825,000 Guide price: £2,900,000
16. Manor House, Little Missenden, 19. Ruscombe Down, Ruscombe, 22. The Garden House, Chalfont St. Giles, 9 bedrooms. Guide price: £3,000,000 7 bedrooms. Guide price: £2,650,000 6 bedrooms. Guide price: £3,750,000
17. Harpsden Wood House, Harpsden, 20. The Old Rectory, Checkendon, 23. The Manor House, Hedgerley, 7 bedrooms. Guide price: £4,350,000 8 bedrooms. Guide price: £3,375,000 7 bedrooms. Guide price: £4,350,000
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“ Sold to a buyer registered to our Russian desk. The Knight Frank Country Department and the Henley office worked together to confirm the sale” 19
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The Chilterns, Berkshire & Essex Highlights 15 Behind closed doors
“ This Arts & Crafts country home was sold to a historic client of The Buying Solution, achieving a premium price”
1. The Old Rectory, Aldbury, 8 bedrooms. Guide price: £3,950,000
16 off-Market Property Behind closed doors
Ready access to vetted buyers is the key to making a successful sale away from the glare of the open market. With a wealth of local contacts built up over many years, and a strong national and international network, Knight Frank has become the first port of call for this more discreet approach to selling a home.
Whenever a seller approaches us International buyers also feature with a new instruction, our agents heavily in transactions of this locally can act straightaway to contact type. With more than 400 offices a shortlist of well-positioned buyers. worldwide, Knight Frank has one of By working with our colleagues in the most far-reaching shop windows the Country House Department in in the property industry. This ensures London, we can spread that net that our database of purchasers even wider and reach out to further is constantly being updated and potential purchasers within the UK or increasing our ability to find the further afield. perfect buyer when the right property comes along, even if it is being “ With more than 400 offices world- offered behind closed doors.
wide, Knight Frank has one of the For purchasers, it can be an most far-reaching shop windows opportunity to gain an advantage in the property industry” and secure a sought-after piece of real estate. If it is a particularly popular location or property type, The pool of London buyers is particu- they will often prefer to pay a larly valuable as these are purchasers premium to secure an off market with often very specific property sale rather than risk the uncertainty wish-lists, but they can be flexible in that goes with a public listing. terms of location. So if the house has large grounds, a guest cottage and The following pages feature a pool, for example, they may be happy selection of the properties our to consider anywhere within good teams successfully sold off-market commuting distance of the capital. during 2015.
The Chilterns, Berkshire & Essex Highlights 17 2. The Old Vicarage, Dunmow, 7 bedrooms. Guide price: £2,450,000
3. Baytree House, Lower Shiplake, 4 bedrooms. Guide price: £4,000,000
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“ We were allowed one off-market viewing, we knew the perfect buyer who was renting a mile away and was on our database”
The Chilterns, Berkshire & Essex Highlights 19 country research
The turning point for the prime country property market occurred in early 2013 as prices started to edge upwards after two years of negative growth. By June 2014 annual growth had reached 5.2%. Although the rate of growth has slowed, prices ended 2015 3.1% higher than a year earlier.
As has also been the case in the While these higher transaction mainstream housing market, there are costs will continue to weigh on Oliver Knight conflicting factors at play in the prime activity and price growth in 2016, Senior Analyst, market which are both weighing on signs have begun to emerge that Knight Frank Research growth and driving it higher. both buyers and sellers are adjusting to the changes. With interest rates remaining at Increasingly, higher transactional record lows, the economy continues costs at the top end of the market to recover. However, tighter lending are being factored into pricing. regulations and higher transaction costs as a result of reforms to stamp Furthermore, a degree of pent-up duty introduced in December 2014 demand is being released as buyers have had a noticeable impact on at the top end of the market activity and price growth in 2015. become more motivated after months of inaction. Indeed, the impact of the increased amount of stamp duty can’t be We are forecasting average price underestimated. The changes mean growth across the prime country that, while those buying homes market of 3% in 2016. worth up to £937,500 pay less As the economy continues to stamp duty than before, above this recover and prime property values value buyers are potentially paying outside of London increase, the substantially more. There is a small trend for more London buyers to anomaly between £1.01 million and move will also gain traction, boosting £1.11 million, where under the new the ripple effect of house price regime buyers pay slightly less tax. growth from the capital. “ A degree of pent-up demand is being Popular commuter locations, within released as buyers at the top end of the easy reach of the capital, are likely to be the biggest beneficiaries. Key market become increasingly motivated town and city locations are also after months of inaction” expected to outperform as the trend
20 country Research Annual change in prime country house prices
SDLT changes
Just over a year since George Osborne announced his major shake-up of Stamp Duty Land Tax (SDLT), the Government has proposed a further increase in purchase taxes for some buyers. Prime country vs London price differential Under the proposals, an Prime Central London Prime Country additional 3% rate will apply to the purchase of additional properties, such as buy-to-let and second homes. The new rate will come into effect from 1 April 2016.
The intention is that anyone who owns a home anywhere in the world will pay the higher stamp duty on purchases from April 1 2016, unless they for urban living continues to grow. below their 2007 peak and this are replacing their primary Infrastructure improvements, including suggests that there is potential for residence in the UK. new faster rail and road links, will further price growth. It would seem fair to expect a enhance the appeal of these areas With a strong economic boost in activity between now further, as well as opening up more underpinning 2016 should see an and the end of March this rural markets once again. improvement in trading conditions. year, as those affected by the The long-term outlook for the prime The importance of correct pricing changes look to complete on country market is positive. Prime at the outset will remain critical to purchases before the new country house prices remain 14% achieving sales. rates are implemented.
The Chilterns, Berkshire & Essex Highlights 21 OUR TEAM KEY CONTACTS
01 David Peters Buying and selling residential property outside of London 020 7861 1067 [email protected]
02 Edward Rook Partner, Regional Chair 01732 744477 [email protected]
03 William Furniss Partner, Beaconsfield Office Head 01494 675368 1 2 3 [email protected]
04 Oliver Beales Partner, Berkhamsted Office Head 01442 861610 [email protected]
05 Paddy Pritchard-Gordon Partner, Bishop’s Stortford Office Head 01279 213340 [email protected]
06 Matthew Mannall Partner, Henley Office Head 01491 844900 4 5 6 [email protected]
07 Damian Gray Partner, Oxford Office Head 01865 790077 [email protected]
08 Noel Flint Buying and selling London residential property 020 7861 5020 [email protected]
09 Tim Hyatt Renting, letting and managing residential property 020 7861 5044 7 8 9 [email protected] 10 James Del Mar Rural Property Services & Rural Consultancy 01488 688507 [email protected]
11 Tom Barrow Residential Valuation & Consultancy 01285 886690 [email protected]
12 Jonathan Bramwell The Buying Solution 01608 690780 10 11 12 [email protected]
22 Key Contacts OUR TEAM KEY LOCATIONS
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02 04 HENLEY BERKHAMSTED 20 Thameside, Henley-on-Thames, 136 High Street, Berkhamsted, oxfordshire RG9 2LJ Hertfordshire HP4 3AT T: 01491 844900 T: 01442 861610 [email protected] [email protected] @Henley_Property @KFBerkhamsted KnightFrank.co.uk/henley KnightFrank.co.uk/berkhamsted
01 03 05 OXFORD BEACONSFIELD BISHOP’S STORTFORD 280 Banbury Road, Summertown, 20-24 Gregories Road, Beaconsfield, 26 North Street, Bishop’s Stortford, oxford, Oxfordshire OX2 7ED Buckinghamshire HP9 1HQ Hertfordshire CM23 2LW T: 01865 790077 T: 01494 675368 T: 01279 213340 [email protected] [email protected] [email protected] @KF_Oxford @KF_Beaconsfield @KFBishStor KnightFrank.co.uk/oxford KnightFrank.co.uk/beaconsfield KnightFrank.co.uk/bishopsstortford
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